Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.007%

Price spread now: Lighter against KuCoin+0.071%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$425as in the Funding arb table

Net, price: spread back to 7d avg − costs−$440as in the Price arb table

costs, in and out, $10k−$4454.453% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.202%+$20 on $10k

Price spread, last 4 days (all we have)+0.145%+$15 · spread now +0.071%, 7d avg +0.015%

Together, before fees+0.347%+ Points / potential airdropLighter: Season 3 · farm board+$35 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.056% dearer against KuCoin than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin POPCATUSDTM	0.05622	0.0100	pay 0.0050% / 4h	21m 04s	$1.1M	$987K	50x
Short	Lighter POPCAT	0.05626	0.0096	get 0.0012% / 1h	21m 04s	$101K	$46K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee KuCoinbpFee LighterbpOrdersPrice spread, now +0.071%Rate

Funding earned: −$0.84
Price spread: +0.071% → +0.015%: $5.61
Slippage, 4 orders: −$433.25
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$440.48
Costs to cover: 4.453%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; Lighter: live order book, 30 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy KuCoin live order book, 4 min ago	8.01 bp	225.4 bp −$225	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 30 min ago	18.72 bp	18.7 bp −$19	506.6 bp −$5,066	doesn't fit	doesn't fit

POPCAT on 18 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective POPCAT/USDC PERP	−0.4208%	1h	0.05563	−1.049%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSD	−0.0966%	1h	0.05626	+0.075%	$147K	$139K	20x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05623	+0.018%	$1	—	10x	as long as short
Lighter POPCATshort	+0.0096%	1h	0.05626	+0.071%	$101K	$46K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05629	+0.119%	$2.4M	$6.6M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05618	−0.071%	$9.0M	$6.1M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05624	+0.036%	$702K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05619	−0.053%	$429K	$644K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05627	+0.089%	$1.8M	$938K	200x	as long as short
KuCoin POPCATUSDTMlong	+0.0100%	4h	0.05622	long leg	$1.1M	$987K	50x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget POPCATUSDT	+0.0100%	4h	0.05618	−0.071%	$1.2M	$915K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05621	−0.018%	—	$6.8M	—	as long as short
Variational Omni POPCAT	+0.0100%	4h	0.05611	−0.191%	$510K	$175K	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05630	+0.142%	$23K	$646K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05624	+0.035%	$99K	$440K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0138%	4h	0.05623	+0.018%	$255K	$483K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05606	−0.285%	$126K	$293K	50x	as long as short
Hyperliquid POPCAT	+0.0548%	1h	0.05638	+0.285%	$2.6M	$1.0M	3x	as long as short